Address
This firm has been subject to disciplinary or regulatory action. That action may be historic or it may currently affect the regulated activities they are permitted to do. Check the record and contact the FCA if you need further help.
Veritas Wealth Management Ltd
Current Status: Revoked
Reference Number: 231968
Website: www.veritasgroup.co.uk
Link to FCA: https://register.fca.org.uk/s/firm?id=001b000000MfOnbAAF
A firm with the status "No longer authorised" may have had its authorisation removed for a variety of reasons, such as voluntary cancellation, failure to meet regulatory requirements, non-compliance with rules and regulations, enforcement action, failure to pay fees, or inactivity. It is important to check the FCA register or contact the FCA directly for more information about a specific firm's authorisation status and the reasons for any changes.
Such measures can help to identify and address any risks or issues before they become a problem.
The UK financial services industry has been plagued by financial mis-selling in the past, with several high-profile cases involving various financial products and services, such as Payment Protection Insurance (PPI), Interest Rate Hedging Products (IRHP), Endowment mortgages, and Pension mis-selling. These cases have resulted in billions of pounds in compensation being paid to affected consumers and businesses. In response, the Financial Conduct Authority (FCA) has taken several measures to address this issue, including enforcement actions, compensation schemes, and the introduction of new regulations to improve disclosure and transparency. Despite this, the risk of mis-selling remains a concern that requires ongoing vigilance from both regulators and the industry.
Consumers who have experienced mis-selling of financial products or services in the UK may be eligible for compensation. The process for seeking such compensation typically involves contacting the firm responsible for the mis-selling and filing a formal complaint, which must be responded to within eight weeks. If the firm rejects the complaint or the consumer is not satisfied with their response, the issue can be escalated to the Financial Ombudsman Service (FOS), which is an independent body that resolves disputes between consumers and financial services providers. The FOS is free for consumers and their decisions are legally binding. In cases where the firm no longer exists, or has been declared in default, consumers can file a claim with the Financial Services Compensation Scheme (FSCS). The FSCS is a statutory compensation fund that provides compensation when authorized financial services firms fail or are unable to meet claims. It's important to note that time limits may apply when seeking compensation and that those seeking compensation should consider getting independent financial or legal advice. Additionally, processes and eligibility criteria may vary depending on the product, service, or circumstances involved.